Lebanon: Central Bank to Discuss Forensic Audit with Alvarez & Marsal

A view of Lebanon's Central Bank building in Beirut. Reuters file photo
A view of Lebanon's Central Bank building in Beirut. Reuters file photo
TT

Lebanon: Central Bank to Discuss Forensic Audit with Alvarez & Marsal

A view of Lebanon's Central Bank building in Beirut. Reuters file photo
A view of Lebanon's Central Bank building in Beirut. Reuters file photo

Lebanon's central bank is ready to facilitate a forensic audit process by Alvarez & Marsal and will discuss this in a virtual meeting with the restructuring company on April 6, it said in a statement on Thursday.

Alvarez & Marsal pulled out of the audit procedure in November, saying it had not received the information it required, prompting parliament in December to lift banking secrecy for one year.

The audit is on a list of reforms that foreign donors have demanded before helping Lebanon out of its grave financial crisis, rooted in decades of state waste and corruption.

Last year French President Emmanuel Macron proposed a road map to break the political stalemate in the former French protectorate. Macron has been pressing Lebanese politicians to form a cabinet made up of non-partisan specialists that can work on urgent reforms to extract Lebanon from the financial crisis worsened by the Aug. 4 explosion that devastated Beirut.

Those efforts have led to nowhere as Lebanon’s politicians continue to bicker about the shape and size of a new cabinet while the country is mired in the worst economic crisis in its modern history — a situation exacerbated by pandemic restrictions.



Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday
TT

Madinah Investment Forum to Kick Off on Sunday

Madinah Investment Forum to Kick Off on Sunday

The Madinah Investment Forum, organized by Al-Madinah Al-Munawwarah Chamber under the theme "Invest in Madinah", will start on Sunday and run for two days.
The forum consists of a diverse range of programs, events, and four specialized dialogue sessions focusing on key aspects of the national investment strategy. It will host 18 speakers and more than 40 entities, and present 200 investment opportunities, valued at over SAR57 billion, in more than ten targeted sectors, SPA reported.
The event will highlight Madinah's significant achievements and showcase development and investment projects in the region. It will explore promising investment sectors, comparative and competitive advantages, and the region's potential to support investment growth. Key areas of focus include hospitality, logistics, agriculture, and real estate.
The forum's objectives include identifying investment opportunities in Madinah, fostering investment partnerships, attracting new investments, and introducing financing solutions and business sector services for major development projects.
The event is aimed at a broad audience, including local and international investors, government agencies, development organizations, private sector representatives, investment agencies, financial institutions, consulting firms, and professional service providers.